Bernanke Boasts Strong Supporters, but Can They Save His Job?

Federal Reserve Chairman Ben Bernanke suddenly found himself this week at risk of losing his job, after some Democrats in the Senate voiced opposition to his confirmation to a second term, but could he really be bound for the unemployment line?

Bernanke is credited for helping to reverse the recession but also criticized for not doing enough to prevent it. And with Democrats looking to strike a populist tone after a tough upset loss in Tuesday's Massachusetts Senate race, the Fed chairman is an easy target.

Even so, Bernanke certainly has his share of supporters, most notably President Obama. Will they be enough to win him another four-year term?

Economists, for the most part, stand behind Bernanke. Those surveyed by FOX Business suggest if Bernanke is not confirmed, there is no one to replace him.

"There is no clear alternative, which is one more reason why it seems inconceivable for him not to be reappointed," Mark Zandi, chief economist at economy.com, said.

Stuart Hoffman, chief economist, at PNC Bank was even harsher:

"If the Senate rejects Bernanke," he said "the 'no' voters should resign in shame. There is no second choice."

Mark Vitner, senior economist at Wells Fargo, said regardless of his replacement, a "no" vote for Bernanke means trouble.

"Businesses do not trust Congress right now, and a move to oust Bernanke would cast considerable doubt about the independence of the central bank. They need to confirm him," Vitner said. "If the Senate rejects Bernanke we will have a whole set of new problems and probably a double dip."

In Congress, Bernanke, whose current term ends Jan. 31, still has solid support from many Democrats, notably Sen. Christopher Dodd of Connecticut, chairman of the Senate Banking Committee.  Sen. John Kerry of Massachusetts has also thrown his support behind Bernanke.

"Chairman Bernanke has done an excellent job responding to one of the most significant financial crises our country has ever encountered," Dodd said in a statement released Saturday. Dodd said that, based on discussion with colleagues, he was "very confident that Chairman Bernanke will win confirmation by the Senate for a second term."

Senate Majority Leader Harry Reid of Nevada also gave Bernanke's confirmation for a new term a "conditional" yes, saying Bernanke had "assured" him of a commitment to shoring up the economy. But other Democrats in the Senate, including Russ Feingold of Wisconsin and Barbara Boxer of California, have said they will vote against his confirmation.

Support and opposition for Bernanke's confirmation cross party lines, and several Republicans have said they intend to vote for another term.

Sen. Judd Gregg, former Senate Banking Committee chairman, has rallied behind Bernanke, saying he "is the right leader to guide the Federal Reserve in this recovering economy."

Other Republican supporters in the Senate include Lamar Alexander of Tennessee, Richard Lugar of Indiana and Susan Collins of Maine, according to a survey conducted Friday by The Hill.

The survey shows 25 senators supporting Bernanke, 13 opposing and the rest undecided. He needs 60 votes to win confirmation.

Asked about the Bernanke nomination Friday, White House Deputy Press Secretary Bill Burton said that Obama thinks Bernanke "is the best person for the job and will be confirmed by the United States Senate."